Trade data serves as a window into a country’s economic activity, offering insights into its global interactions and economic strength. In the year 2021, India held the 6th position in the global economy based on its Gross Domestic Product (GDP) in current US dollars.
The nation ranked 14th in total exports and 11th in total imports, showcasing its active participation in international trade. Alongside this, India secured the 137th spot for GDP per capita and stood as the 41st most complex economy according to the Economic Complexity Index (ECI).
India’s Trade Overview
India’s position in the world economy is a testament to its economic prowess. In May 2023, India’s exports displayed a diverse range of products.
Among the top exports according to the India export data were Petroleum Products, valued at $5.94 billion, followed by Precious Stones, Drug Formulations, Telecom Instruments, and Iron and Steel, each contributing significantly to the country’s trade landscape.
Meanwhile, the major imports during the same period included Crude Petroleum, Coal, Gold, Petroleum Products, and Electronics Components, underlining the country’s reliance on key commodities.
Major Export Categories
India’s export strength lies in several key categories. Notably, Refined Petroleum led the way with exports amounting to $49 billion. Diamonds, Packaged Medicaments, Jewellery, and Rice followed closely, contributing substantially to India’s export revenue.
These products found eager buyers across the globe, with the United States, United Arab Emirates, China, Bangladesh, and Hong Kong being the primary destinations.
Key Import Categories
In terms of imports, India sourced vital commodities to sustain its economy. Crude Petroleum topped the list with imports totaling $93.5 billion, highlighting the country’s energy requirements.
Gold, Coal Briquettes, Diamonds, and Petroleum Gas were also notable imports as per India import data. China, the United Arab Emirates, the United States, Switzerland, and Saudi Arabia stood as the main suppliers of these goods, showcasing India’s diverse import partnerships.
The Role of Accurate Trade Data
Accurate trade data forms the cornerstone of informed decision-making for businesses and policymakers alike. It provides a clear understanding of a country’s trade dynamics, aiding in the formulation of effective strategies.
Import Global’s India Customs Data stands as a beacon of reliability, offering real-time and precise information derived from custom shipping bills and bill of entries. This data empowers exporters by enabling them to identify potential buyers, while also providing crucial details like prices, quantities, and other essential insights.
Conclusion
India’s trade story is one of diversity and dynamism. Its position as a major global player is evident through its impressive GDP ranking and active participation in international trade. The trade data for May 2023 underscores the country’s commitment to both exports and imports.
Accurate trade data, such as that provided by Import Globals, serves as a vital tool in unraveling trade trends and making informed decisions. As India continues to navigate the complex web of global trade, reliable data remains an invaluable asset for shaping its economic trajectory.